Rethinking the East Asian Miracle

The crisis which gripped East Asia during 1997-99 underscored the urgency for cross-sectoral reform just as the strong revival of virtually all the economies in the region convinced the doubters that the East Asian miracle had by no means run its course. This volume provides illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability and proposes solutions. Several papers in the volume also discuss the complex political economy of development in East Asia and show how interaction among government, business, and the banking system must evolve to minimize the risk of periodic crisis. 'Rethinking the East Asian Miracle' is an indispensable reference for all those with an interest in East Asia's prospects in the early decades of the new century. A copublication of the World Bank and Oxford University Press.